On July 15, 2024, the Niche Car Company purchased 1,900 tires from the Treadwell Company...
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Accounting
On July 15, 2024, the Niche Car Company purchased 1,900 tires from the Treadwell Company for $40 each. The terms of the sale were 410/ , n30/ . Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.
- Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024.
- Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024.
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